MO HB482

Summary of Missouri House Bill 482

• Terminates multiple tax credit programs after December 31, 2015, including neighborhood assistance tax credits, property tax credits for the elderly, film production tax credits, and various sales tax exemptions for items like food stamps, coin-operated amusement devices, and court transcripts

• Reduces the Missouri low-income housing tax credit cap over 10 years beginning in fiscal year 2017, decreasing tax-exempt bond financed project credits to $30 million and non-bond financed project credits to $105 million

• Lowers the historic preservation tax credit cap over 10 years starting in fiscal year 2017, reducing the total from $140 million to $120 million annually, with small project credits (under $275,000) reduced to $20 million

• Phases out Missouri Quality Jobs program tax credits over 10 years beginning in fiscal year 2017, with the program set to expire December 31, 2027 and the current $80 million annual cap reduced incrementally to zero

• Modifies state income tax provisions by lowering the potential floor for the top income tax rate from 5% to 3.5% through the existing triggered reduction mechanism, and directs the Department of Revenue to adjust tax tables to maintain revenue neutrality from changes in this act